What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-05 compared with 2025-08-11 · 39 added, 33 removed, 163 unchanged (31% of the section changed)

46 unchanged sentences

Simultaneously

with the closing of our initial public offering on July 26, 2024, we consummated the private placement with DT Cloud Star Management

Limited, the sponsor (“Sponsor”), of 206,900 private units at a price of $10.00 per private unit, generating total gross

proceeds of $2,069,000.

As of July 26, 2024, a total of $69,000,000 of the net proceeds from our initial public offering were deposited

in a trust account established for the benefit of our public stockholders, with Wilmington Trust National Association acting as trustee.

with the closing of our initial public offering on July 26, 2024, we consummated the private placement with the Sponsor of 206,900 private

units at a price of $10.00 per private unit, generating total gross proceeds of $2,069,000.

As of July 26, 2024, a total of $69,000,000

of the net proceeds from our initial public offering were deposited in a trust account established for the benefit of our public stockholders,

with Wilmington Trust National Association acting as trustee.

Units started to be listed on The Nasdaq Global Market (the “Nasdaq”) and began trading under the ticker symbol “DTSQU”

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negotiating and consummating the business combination.

the six months ended June 30, 2025, cash used by operating activities was, primarily due to prepayment of formation and operational costs.

As of June 30, 2025, we had cash at bank of $126,055.

June 30, 2025, the Company had working capital of $121,641, excluding deferred underwriting commissions and the

the nine months ended September 30, 2025, cash used in operating activities was $391,312, primarily due to prepayment of formation and

operational costs.

As of September 30, 2025, we had cash at bank of $20,117.

September 30, 2025, the Company had negative working capital of $53,347, excluding deferred underwriting commissions and the

available cash held in the Trust Account for marketable securities , which indicated a lack of liquidity it needed to sustain operations

9 unchanged sentences

into private units at a price of $10.00 per unit.

October 28, 2024, we issued an unsecured promissory note to the sponsor, pursuant to which we may borrow up to an aggregate

principal amount of $300,000 (the “Promissory Note”).

The Promissory Note is non-interest-bearing and payable on the

consummation of the initial business combination or converted upon consummation of the business combination into additional private

units at a price of $10.00 per unit.

As of June 30, 2025, the principal amount due and owing under the Promissory Note was $nil.

July 29, 2025, we entered into a letter agreement to the Promissory Note with the Sponsor, pursuant to which we and the Sponsor

agreed to terminate the Promissory Note and confirmed that the outstanding amount that we borrowed under the Promissory Note was

October 28, 2024, we issued an unsecured promissory note to the Sponsor, pursuant to which we may borrow up to an aggregate principal

amount of $300,000.

The Promissory Note is non-interest-bearing and payable on the consummation of the initial business combination or

converted upon consummation of the business combination into additional private units at a price of $10.00 per unit.

On July 29, 2025,

we entered into a letter agreement to the Promissory Note with the Sponsor, pursuant to which we and the Sponsor agreed to terminate

the Promissory Note and confirmed that the outstanding amount that we borrowed under the Promissory Note was nil.

As of September 30,

2025, the principal amount due and owing under the Promissory Note was nil.

October 23, 2025, we issued an unsecured promissory note to the Sponsor, pursuant to which we borrowed up to an aggregate principal amount

of $75,000, in exchange for Sponsor depositing such amount into the our trust account in order to extend the amount of time it has available

to complete a business combination.

of Operations

have neither engaged in any operations nor generated any revenue to date.

Our entire activity since inception through June 30, 2025 related

to our formation, the preparation for the initial public offering, and since the closing of the initial public offering, the search for

a prospective initial business combination.

We do not expect to generate any operating revenues until the closing and completion of our

initial business combination, at the earliest.

We will generate non-operating income in the form of interest income from the amount held

in the trust account.

We expect that we will incur increased expenses as a result of being a public company (for legal, financial reporting,

accounting and auditing compliance), as well as for due diligence expenses in connection with search for, and completing, a business

the three months ended June 30, 2025, we had net income of $631,498, which consisted of operating costs of $110,661, offset by interest

Our entire activity since inception through September 30, 2025

related to our formation, the preparation for the initial public offering, and since the closing of the initial public offering, the

search for a prospective initial business combination.

We do not expect to generate any operating revenues until the closing and completion

of our initial business combination, at the earliest.

We will generate non-operating income in the form of interest income from the amount

held in the trust account.

We expect that we will incur increased expenses as a result of being a public company (for legal, financial

reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with search for, and completing,

a business combination.

the three months ended September 30, 2025, we had net income of $582,964, which consisted of operating costs of $169,080, offset by interest

and dividends earned on marketable securities held in the operating account and Trust Account of $752,044.

For the six months ended June

30, 2025, we had net income of $1,261,782, which consisted of operating costs of $218,083, offset by interest and dividends earned on

marketable securities held in the operating account and Trust Account of $1,479,865.

the three months ended June 30, 2024, we had a net loss of approximately $42,035, which consisted of formation and operation cost of

For the six months ended June 30, 2024, we had a net loss of approximately $52,658, which consisted of formation and operation

cost of $52,658.

For the nine months ended

September 30, 2025, we had net income of $1,844,746, which consisted of operating costs of $392,650, offset by interest and dividends

earned on marketable securities held in the operating account and Trust Account of $2,237,396.

the three months ended September 30, 2024, we had a net income of $526,781, which consisted of operating costs of $127,361.

months ended September 30, 2024, we had a net income of $474,123, which consisted of operating costs of $180,019, offset by interest

and dividends earned on marketable securities held in the operating account and Trust Account of $654,142.

to a registration rights agreement entered into on July 24, 2024, the holders of the insider shares, private placement units (including

42 unchanged sentences

Sheet Arrangements

of June 30, 2025, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

of September 30, 2025, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

qualify as an “emerging growth company” under the JOBS Act and are allowed to comply with new or revised accounting pronouncements

17 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis